We propose a new field-effect transistor, the vertical metal insulator semiconductor tunnel transistor (VMISTT) which operates using gate modulation of the Fowler–Nordheim tunneling current through a metal insulator semiconductor (M-I-S) diode. The VMISTT has significant advantages over the metal-oxide-semiconductor field-effect transistor in device scaling. In order to allow room-temperature operation of the VMISTT, the tunnel oxide has to be optimized for the metal-to-insulator barrier height and the current–voltage characteristics. We have grown TiO2 layers as the tunnel insulator by oxidizing 7 and 10 nm thick Ti metal films vacuum-evaporated on silicon substrates, and characterized the films by current–voltage and capacitance–voltage techniques. The quality of the oxide films showed variations, depending on the oxidation temperatures in the range of 450–550 °C. Fowler–Nordheim tunneling was observed at low temperatures at bias voltage of 2 V and above and a barrier height of approximately 0.4 eV was calculated. Leakage currents present were due Schottky-barrier emission at room-temperature, and hopping at liquid nitrogen temperature.